Definition
Collateral
The property pledged as security for a loan, which the lender may foreclose upon if the note is not paid.
Nearby terms
Closing Disclosure
The five-page federal form detailing final loan terms and costs, required at least three business days before consummation.
Cloud on Title
Any claim, lien or encumbrance that impairs clear ownership and must generally be resolved before a sale can close.
Combined Loan-to-Value
All liens secured by the property divided by its value, including second mortgages and home equity loans.
Commitment Letter
A lender's formal written agreement to make a loan on stated terms, usually subject to remaining conditions.
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